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Description
UBS Core MSCI Japan UCITS ETF hEUR dis tracks the issuer-declared index: MSCI Japan (hedged EUR) (TRN). The declared annual cost (TER) is 0.15%, plus 0.02% in transaction costs estimated by the issuer in the KID. The fund was launched on 25 June 2020 and is domiciled in Luxembourg.
The fund’s objective — in the issuer’s words(the issuer publishes the KID in Italian)
Il Fondo è gestito in modo passivo e assumerà un'esposizione proporzionale alle componenti del MSCI Japan 100% hedged to EUR Index (Net Return) tramite investimenti diretti in tutti o quasi tutti i titoli che lo compongono e/o mediante l'uso di derivati, in particolare laddove non sia possibile o praticabile replicare l'indice attraverso investimenti diretti o al fine di generare efficienze nell'acquisizione dell'esposizione all'indice. In alcuni casi il comparto potrebbe anche detenere titoli non compresi nell'indice se il gestore del portafoglio lo ritenesse appropriato in funzione dell'obiettivo e delle restrizioni d'investimento del comparto o di altri fattori. L'esposizione all'indice tramite la replica diretta può essere penalizzata dai costi di ribilanciamento, mentre l'esposizione all'indice tramite derivati può risentire dei costi di negoziazione degli strumenti derivati. L'uso di derivati OTC comporta un ulteriore rischio di controparte, che tuttavia è mitigato dalla politica di garanzie di UBS (Lux) Fund Solutions. Il comparto investirà il proprio patrimonio netto prevalentemente in azioni, valori mobiliari, strumenti del mercato monetario, quote di organismi di investimento collettivo, depositi presso istituti di credito, titoli strutturati quotati o negoziati su un mercato regolamentato e altre attività idonee ai sensi del prospetto informativo. Il comparto può effettuare operazioni di prestito titoli. I rischi di sostenibilità non sono sistematicamente integrati in quanto non sono considerati parte del processo di selezione dell'Indice. Il rendimento del Fondo dipende principalmente dalla performance dell'indice replicato. Questa classe distribuisce i proventi netti al fine di replicare il parametro di riferimento MSCI Japan 100% hedged to EUR Index (Net Return) nel modo più preciso possibile. Il rischio di cambio della valuta della classe di azioni è in larga misura coperto dalla valuta del fondo.
Keep reading the KID section ▾
Investitore al dettagliocui si intende commercializzare il prodotto Questo fondo è destinato a investitori retail con conoscenze di base in materia finanziaria, che sono in grado di sostenere una possibile perdita sull'importo investito. Il fondo mira a far crescere il valore dell'investimento, fornendo al contempo accesso giornaliero al capitale in condizioni di mercato normali. Mediante questo fondo, gli investitori possono soddisfare le loro necessità di investimento a medio termine. Questo fondo è indicato per essere acquistato dai segmenti di clientela target senza restrizioni a livello di canale o di piattaforma di distribuzione.
From the KID’s “Objectives” section · 2 September 2026 · original document ↓
Text generated from the data the issuer declares in official product lists. No recommendation.
Quick reads
TER 0.15%: below the median of equity ETFs we track (0.22%).
Average tracking difference over the last 3 years: -0.45% p.a., against a declared TER of 0.15%.
Comparisons computed by Rebalix on the declared data in our census; they describe the past and are not indicative of future results.
The KID is the document the law requires you to read before investing: 3 pages covering risks, costs and scenarios. The link opens the issuer’s published PDF.
Fund performance
issuer-declared net asset value (NAV) · EUR · from Jun 2020 to Sept 2026
Compare with another ETF
Only funds we hold a history for. Three at a time, at most.
Return
+215.8%
Annualised
+20.4%
Volatility (ann.)
19.5%
Max drawdown
-25.80%
Currency-hedged share class: our figures are computed on the issuer’s NAV, where the hedge is applied at the daily fixing. Comparison sites using the exchange price may show returns and volatility that differ by 1–2 points: on hedged classes the price-vs-NAV gap is structurally wider and grows with the length of the window. Not a data error — a measurement convention. Details in the methodology.
Tip: drag across the chart to zoom into a period.
Drawdown — distance from previous peak
This isn’t the return: it shows how far the fund is below its previous peak. 0% = you’re at the peak; below zero = how much you’re down and haven’t recovered yet.
Max drawdown
-25.80%
peak → trough
Trough
05 Aug 2024
from the 11 Jul 2024 peak
Recovery time
352 days
recovery only: trough to break-even · ≈ 12 months
Underwater
377 days
decline + recovery: peak to break-even · ≈ 1 year · → recovered on 23 Jul 2025
The five worst falls in the period
From the peak of
Trough
Depth
Back to break-even
Days underwater
11 Jul 2024
05 Aug 2024
-25.80%
23 Jul 2025
377
14 Sept 2021
08 Mar 2022
-16.76%
09 Mar 2023
541
27 Feb 2026
23 Mar 2026
-11.46%
12 May 2026
74
19 Sept 2023
04 Oct 2023
-7.93%
17 Nov 2023
59
09 Mar 2023
20 Mar 2023
-6.80%
28 Apr 2023
50
Calendar-year returns
2020
17.2%
2021
12.4%
2022
-4.7%
2023
32.2%
2024
24.5%
2025
26.1%
2026
21.2%
Month-by-month returns
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sept
Oct
Nov
Dec
Year
2026
5.0
10.0
-10.7
7.6
6.7
1.9
-0.9
3.7
-2.1
21.2
2025
0.3
-3.9
-0.4
0.6
5.3
1.9
2.8
4.5
3.1
7.8
0.7
1.1
26.1
2024
8.7
5.7
4.0
-0.2
1.4
1.9
-0.7
-2.5
-2.1
2.7
-0.6
4.5
24.5
2023
4.8
0.9
1.8
2.8
4.8
7.7
1.5
0.3
0.7
-2.7
6.2
-0.1
32.2
2022
-5.2
-1.2
4.5
-2.6
0.9
-2.7
4.0
1.1
-6.3
5.6
3.2
-5.2
-4.7
2021
0.3
3.2
4.8
-2.6
1.5
1.1
-2.5
3.1
4.3
-1.3
-3.0
3.2
12.4
2020
-3.5
7.8
0.4
-2.6
11.9
3.0
17.2
From month-end NAVs, over the fund’s full history, on the series shown in the chart (dividends reinvested where declared). Deeper colour = larger move.
Issuer-declared series with dividends reinvested: the total performance, comparable with accumulating funds. Switch it off to see the price (NAV) alone, which drops at every dividend payment.
Source: UBS. Issuer-declared historical series; inflation: Eurostat and national statistical institutes, latest available July 2026 — for later days the index stays at the last published value (institutes publish with a few weeks’ lag). The «adjusted for inflation» view expresses value in today’s purchasing power for the selected country; volatility always stays nominal, as elsewhere on the site (deflating it would add artificial swings caused by the monthly cadence of the price index). Past performance is not indicative of future results: these are facts, not a recommendation.
Tracking difference — fund vs index
How much the fund returned above (+) or below (−) its index, year by year. It measures the actual deviation: the combined effect of costs (TER and transaction), securities-lending revenue and replication optimisations — which is why it can beat the TER. Tracking difference was positive in 0 of the last 5 calendar years: a past observation, not an indication of future outperformance.
Average TD (last 3 years)
-0.45% /anno
Declared TER
0.15%
Year
Fund
Index
Difference
2025
+26.06%
+26.31%
-0.25%
2024
+24.51%
+24.95%
-0.44%
2023
+32.17%
+32.82%
-0.65%
2022
-4.70%
-4.45%
-0.25%
2021
+12.45%
+12.78%
-0.34%
Fund return with dividends reinvested by Rebalix on each ex-date (the issuer does not publish a total-return series); index from the issuer-declared series; complete calendar years covered by our dividend archive. complete calendar years. TD is not comparable across sites using different methodologies or index variants. Past performance is not indicative of future results. What is tracking difference? →
Risk indicators· EUR
Last year
Last 3 years
Last 5 years
Full history
Volatility (ann.)
22.11%
23.31%
20.83%
19.88%
Max drawdown
-11.46%
-25.80%
-25.80%
-25.80%
Sharpe
1.36
0.91
0.75
0.89
Sortino
2.01
1.29
1.06
1.27
Computed from the daily NAV series, always in nominal terms. Sharpe and Sortino use the ECB main refinancing rate averaged over the period (last year: 2.21%), weighted by days in force, as the risk-free rate. Same formulas as our public methodology: sample standard deviation annualised over 252 days; Sortino with downside deviation. Past performance is not indicative of future results. Figures in EUR, the fund's currency; the table follows the currency selected in the chart.
Dividends
Latest dividend
0.3028 EUR
ex 13 Aug 2026 · paid 18 Aug 2026
Dividends, last 12 months
0.54 EUR
Dividend yield
1.40%
12-month sum over the NAV as of 8 Sept 2026
Yield by year
Period
Dividends
Dividend yield
1 year
0.54 EUR
1.85 %
2025
0.47 EUR
1.80 %
2024
0.42 EUR
1.96 %
2023
0.33 EUR
1.97 %
2022
0.30 EUR
1.72 %
2021
0.25 EUR
1.58 %
Dividend contribution to total return
dividendsprice changeprice decline
Calendar per share (EUR)
Year
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
2026
0.24
0.30
2025
0.23
0.25
2024
0.19
0.24
2023
0.16
0.17
2022
0.13
0.17
2021
0.11
0.14
2020
0.02
Latest dividends
Per share
Ex-dividend date
Payment
0.3028 EUR
13 Aug 2026
18 Aug 2026
0.2413 EUR
9 Feb 2026
12 Feb 2026
0.2481 EUR
28 Jul 2025
31 Jul 2025
0.2256 EUR
6 Feb 2025
12 Feb 2025
0.2353 EUR
7 Aug 2024
13 Aug 2024
0.1868 EUR
1 Feb 2024
7 Feb 2024
0.1689 EUR
8 Aug 2023
11 Aug 2023
0.1578 EUR
1 Feb 2023
6 Feb 2023
Per-share dividends as declared by the issuer, in EUR, since the first payment (3 Aug 2020). Past dividends are not indicative of future ones.
Italian taxation
Effective rate on capital gains
26.00%
White-list share
0.00%
From the government-bond («white list») share certified by the issuer every semester: 12.5% on that portion, 26% on the rest.
According to the official lists published by the brokers (downloaded and cross-checked by us), these share classes of the fund appear tradable with zero fees:
LU0136240974(class: JPY dis)
XTBzero (up to €100,000 monthly volume, unreachable for a retail plan); fractions available in plans
LU1169822266(class: hEUR acc)
XTBzero (up to €100,000 monthly volume, unreachable for a retail plan); fractions available in plans
LU1169822340(class: hGBP dis)
XTBzero (up to €100,000 monthly volume, unreachable for a retail plan); fractions available in plans
Official lists verified on 3 September 2026. We record published terms — this is neither an invitation to open accounts nor a recommendation: lists change, the broker’s documents prevail. Trade Republic, Scalable Capital and Trading 212 publish no per-ISIN lists and don’t appear here.
Frequently asked questions
Which index does UBS Core MSCI Japan UCITS ETF hEUR dis track?
The issuer UBS declares the benchmark: MSCI Japan (hedged EUR) (TRN).
How much does UBS Core MSCI Japan UCITS ETF hEUR dis cost?
The issuer-declared TER is 0.15% per year; the transaction costs estimated in the KID are 0.02%.
How is UBS Core MSCI Japan UCITS ETF hEUR dis taxed in Italy?
On sale, the capital gain is taxed at an effective 26.00% rate (white-list share 0.00%): 12.5% on the government-bond “white list” portion, 26% on the rest.
When was UBS Core MSCI Japan UCITS ETF hEUR dis launched?
The fund was launched on 25 June 2020: it has 6 years of history.
How does UBS Core MSCI Japan UCITS ETF hEUR dis replicate its index?
It is a passively managed ETF: it follows the declared index. Physical (issuer wording: “Physical (Full replicated)”).
Does UBS Core MSCI Japan UCITS ETF hEUR dis pay dividends?
Yes: it is a distributing share class — income is paid out periodically (issuer wording: “Yes”).
What was UBS Core MSCI Japan UCITS ETF hEUR dis's worst fall?
Over the available history (since 2020), the maximum drawdown was -25.80%, reached in August 2024. Past performance is not indicative of future results.
What is UBS Core MSCI Japan UCITS ETF hEUR dis's tracking difference?
Over the last 3 complete calendar years the fund returned on average -0.45% per year versus its index (from issuer-declared series).
Transparency note
The data in this sheet is declared by UBS in the issuer’s official files and endpoints, collected by Rebalix with a monthly refresh; taxation derives from the issuer’s tax documents (Italian Law Decree 138/2011). This is factual information for informational purposes only: it is not financial or tax advice, nor an investment recommendation. Read the fund’s KID and prospectus before investing.